Union Bank of India

Union Bank of India - Union Education

Objective of the Scheme :

Union Bank of India provides financial support to meritorious students for pursuing higher education in India and abroad. Meritorious Students under management Quota are eligible for Education Loan.

Eligibility of the Student  :

  • Indian citizen
  • Secured admission to the concerned institute in India or abroad through appropriate selection process and cleared the qualifying examination, if any

Studies in India :

  • Graduation / post-graduation / diploma courses from recognized universities
  • Technical / professional / management courses

Studies over a Wide Area :

  • Graduation / post-graduation degrees offered by recognized universities
  • Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes
  • Diploma courses are not covered under Union Education

Liability of Finance :

Quantum of Finance :

  • For studies in India - maximum up to Rs. 10 Lakhs. The quantum of loan is higher for the institutes covered under Special Education Loan schemes. Please check the Special Offers Tab above for further details.
  • For studies outside India- maximum Up to Rs. 20 Lakhs

Margin :

  • For loans up to Rs. 4 Lakhs, the margin is nil
  • For loans above Rs. 4 Lakhs, margin is 5% for studies in India and 15% for studies outside India
  • Scholarship / assistantship will be included in the margin

Moratorium :

  • The moratorium period is minimum of the following two.
  • Course period + 1 year
  • Course period + 6 months after commencement of job

Rate of Interest :

Quantum of loan

Rate of Interest

 

For male student

For girl student

Up to Rs.7.50 Lakh

12.50% ( fixed )

12.00% ( fixed )

Above Rs.7.50 Lakh

12.25% ( fixed )

11.75% ( fixed )

  • If interest is regularly serviced during the course and moratorium period, i.e. prior to the commencement of repayment, then the student is eligible for interest rebate. Please contact the nearest branch for details.
  • No processing charges.
  • Wherever applicable, Valuation / Legal / Stamp Duty / CERSAI / Memorandum registration charges as per actual

Repayment Period of the Loan :

Quantum of loan

Maximum repayment tenure ( after the course & moratorium period )

Upto Rs. 7.50 Lakh

10 years

Above Rs.7.50 Lakh

15 years

To Apply Offline:

http://www.unionbankofindia.co.in/UserFiles/Union%20Education%20Application.pdf

To Apply Online:

http://www.unionbankofindia.co.in/Onlineretailloanapp.aspx

For more Details, Kindly refer the following link :

http://www.unionbankofindia.co.in/personal_retail_education.aspx?type=special

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